Press Releases

Today, the House Financial Services Committee, led by Chairman French Hill (AR-02), is holding a hearing with Treasury Secretary Scott Bessent to review the Financial Stability Oversight Council’s (FSOC) 2025 Annual Report.

Read Chairman Hill's remarks as prepared for delivery.

"Good morning. Treasury Secretary Bessent, welcome. It is an honor to have you with us today to provide testimony as the Chairman of the Financial Stability Oversight Council.

"Today, we will examine recent actions taken by the FSOC and provide Members the opportunity to address any questions or concerns regarding its 2025 Annual Report.

"As the 2025 Annual Report makes clear, economic growth is essential to financial stability. In a growing economy with rising incomes, debt burdens fall, American standards of living rise, and the financial system remains stable. 

"It is encouraging to have financial regulators and policymakers who understand this fundamental reality and aim to foster a regulatory environment that considers how both new and existing regulations affect economic growth.

"Committee Republicans share this commitment to promoting economic growth through the elimination of unnecessary regulatory burdens — a hallmark of the Trump Administration.

"Since assuming the Presidency just over a year ago, President Trump has built on critical work during his first administration to make further progress in rolling back overly burdensome regulations that stifle innovation and hinder our economic growth.

"These efforts go beyond reducing regulatory red tape. They are about fostering an environment where financial institutions can thrive and contribute to the stability of our economy.

"I would be remiss if I didn’t remind everyone of the doom-and-gloom economic predictions we heard from across the aisle.  

"In 2024, Moody’s Analytics anticipated that a Republican-controlled government would bring 3.5% inflation, 5% unemployment, a recession, and a budget deficit of 6% of GDP.

"Since then, Democrats have repeatedly and wrongfully accused Republicans of tanking the economy.

"With most of the official data in the books, those warnings missed the mark – by a mile. Inflation came in nearly 1 percentage point lower than projected. The unemployment rate never increased beyond 4.5%. No recession materialized and GDP is on track to have three consecutive quarters of above 3% growth. Meanwhile, the budget deficit is on track to fall to 5.4% of GDP.

"The numbers speak for themselves. Under President Trump’s leadership and Secretary Bessent’s steady hand, the economy is back on track, reversing the damage of the previous Administration.

"Throughout the 119th Congress, Committee Republicans have remained steadfast in their goal to reinvigorate our banking system and make life more affordable for Americans.

"That commitment is why I introduced the Main Street Capital Access Act with Subcommittee on Financial Institutions Chairman Andy Barr last month.

"Our community banking package is designed to revitalize local bank formation and right-size regulations that are intended for far larger and more complex institutions, ensuring that community lenders can focus on serving families, small businesses, and local economies.

"This bill also aligns with the Administration’s efforts to right-size regulations and reflects Committee Republicans’ dedication to ensuring that financial institutions can operate in a safe and sound manner with a tailored approach to supervise based on complexity, business practices and size.

"Similarly, the bipartisan Housing for the 21st Century Act addresses housing affordability head-on by reducing the burdens that have made homes and apartment construction untenable. Improving affordability requires directly expanding housing supply.

"Paired with the Main Street Act, Americans will benefit from more homes and more affordable ways to finance them.

"Congress has a responsibility to safeguard the stability of our financial system and create a regulatory framework that fosters growth while effectively addressing risks.

"As we move through today’s hearing, we must reaffirm FSOC’s commitment to its core mission of identifying and mitigating financial risks."